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3/29/23
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Western Spire paid $6.78 mil for a 1.82-acre multifamily development site at the northwest corner of Red Oak St and Spruce Ave in Rancho Cucamonga. The property is within City Center, an area of Rancho Cucamonga zoned for future retail, civic activity, and multifamily housing, and is a hub for future employment within a pedestrian-oriented and transit-ready location.
Western Spire is a private real estate investment firm focused on adding urban infill housing projects to suburban Southern California markets. The firm plans to build multifamily on the site, in what represents the company’s first development project in the Inland Empire.
Wes Jones, a CBRE industrial specialist, along with CBRE’s Stewart Weston, Dean Zander, and Rosie Cooper, whose expertise include multifamily and land, marketed the property for sale on behalf of the seller, Chase Partners Ltd, led by David Parker.
Rancho Cucamonga is a preeminent location in the Inland Empire and has received many accolades such as one of “Best Places to Live” by Money Magazine. The city also boasts an average household income over $132k and an average home value of more than $870k, according to a recent Redfin report.
“The Spruce and Red Oak site presented the opportunity to acquire a development site within one of the most sought-after markets offering a myriad of retail options, excellent schools, a plethora of jobs and excellent accessibility to the greater Inland Empire and the rest of Southern California,” said CBRE’s Weston. “It garnered significant investor interest and multiple qualified offers received.”
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